All Forum Posts by: Ruth Lyons

Thanks for many great posts everyone!

thanks!

Becoming an agent in 2018 after being an investor for 3 years was very eye-opening. I agree with everything Charlie said. I used to look at the big commission fees and think I was getting ripped off. How dare agents charge as much in commission as it cost me to do the work of renovating a house! However, that's how the system is structured. Agents are 100% Commission and make nothing unless a deal goes to the closing table at which time the fees are split between both agents involved, and further reduced by broker fees. The annual fees to be an agent are ouragious, Including monthly fees to 1. belong to an association (required in Md), 2. Access the MLS, 3. Maintain a license, 4. E and O insurance, 5. Marketing, 6. Sentrilock and Showing time, etc., etc.

Additionally, all expenses come out of the agent’s pocket— that’s why we don’t want to waste our time and money running around with “wanna-be”  investors.  We can’t afford to. 

 Because we get no benefits, we have to pay for private healthcare insurance, and save for retirement out of our income with no matching funds from an employer. 

 Deals often fall through for no other reason than buyers and sellers  behaving badly—things which are out of control of well-qualified and hard working agents. And it happens a lot. This past year I had more deals fall through than I had to go to the closing table.  Months and months of work with out-of-pocket expenses and zero pay  because, again, we don’t get paid anything unless the deal goes to settlement. 

I’m not complaining, I intend to stick it out. But I am becoming smarter about who I decide to work with.  I can’t afford to waste my time and money on activities that cost me time and money but don’t pay off. 

Thank you!

Hello fellow Bigger Pockets members, 

I'm looking for a few recommended property managers in Baltimore, Howard, Montgomery and Ann Arundel counties.

Thanks in advance,

Ruth

Hello fellow Biggerpockets Marylanders. 

I'm looking for recommendations to a few Maryland property managers. I personally manage my properties but as an agent, I'd like to be able to give recommendations to clients. Who do you use? Why do you like them? What do they charge?

Thanks everyone

Ruth Lyons

No, but I'll try to message you through this platform.

Hi Bob,

I did notice that! I'd love to get together for coffee and meet you. I do not know John. I can't post my contact information on this page per the moderation team. Do you know how we can exchange that information within the rules set up by BiggerPockets?

Ruth

Thank you for your input. I will get a home inspection before putting any properties on the market in the future. With all my research and attending REI meetings over the past 3 years, this was never suggested--and yet, it certainly seems like a CRUCIAL detail which I wish I had known. Sure wish my real estate agent would have suggested it for my consideration before listing the house -- surely professional agents would know this was likely to happen?

That being said, I think there needs to be some uniformity applied to the home inspection process. Three inspectors and three very different reports--all of them missing an issue that was really important. A tree root had grown into the sewer line which became an issue once I got renters in the property who were using the showers/sewer regularly. I've fixed it, but not the sort of surprise anyone wants to get after having three inspections done on the property.

That's a good question Brian. One I believe only my agent -- who is supposed to be representing my interest -- could answer. 

I did keep the EMD from the 2nd buyer -- I had to write a letter and drop it off at the title company because my agent didn't do it and I got a certified letter that they were going to release it back to the buyer if they didn't get written notice from me.

And I'm certainly keeping it from this last buyer. I let it go the first time to be nice.